India is a rising and responsible global power: Obama
WASHINGTON: Asserting that India is a rising and responsible global power, US President Barack Obama on Thursday said he firmly believe the relationship between the two countries will be a defining partnership in the 21st century.
"The United States values our partnership not because of where India is on a map but because of what we share and where we can go together. India is indispensable to the future that we seek, a future of security and prosperity for all nations," Obama said in his address to the reception hosted by Secretary of State Hillary Clinton, in honour of the External Affairs Minister, S M Krishna.
"That's why a third of my Cabinet has already visited India. That is why officials from across my administration are a part of this strategic dialogue. That's why I want to thank you for the progress that we've made together since Prime Minister (Manmohan) Singh's visit," the US President said before a select audience at the Foggy Bottom headquarters of the State Department.
"Michelle and I were honoured to welcome Prime Minister Singh and Mrs Kaur to the White House for the very first official state visit of my presidency.
It was a State visit that demonstrated that our relations with India are at the highest of priorities for my administration and for me personally, as president of the United States," he said recollecting the visit of the Prime Minister in November.
"I said then that India is a leader in Asia and around the world. It's a rising power and a responsible global power.
That's why I firmly believe that the relationship between the United States and India will be a defining partnership in the 21st century," he said.
"The new National Security Strategy that I released last week makes this absolutely clear. A fundamental pillar of America's comprehensive engagement with the world involves deepening our cooperation with 21st century centres of influence, and that includes India," Obama said.
"Moreover, the relationship between the US and India is fundamentally unique because, as our strategy explains, we share common interests but we also share common values, as the world's two largest democracies and as countries that are rich in diversity, with deep and close connections among our people," the US President said, who made a rare appearance at a State Department reception hosted for a visiting foreign minister.
Obama said the two countries are deepening their economic cooperation on finance and investment and the trade that creates jobs in both of nations.
"I look forward to working with Prime Minister Singh and our fellow G-20 partners this month in Toronto as we work to foster economic growth that is both balanced and sustained," he said.
"With our agreement on fuel reprocessing, we're moving ahead with our civil nuclear agreement. We're expanding our green partnership to promote green buildings, energy efficiency and the sustainable development that creates jobs and reduces poverty.
As we strive to implement our Copenhagen commitments, we'll be working together to ensure a successful climate conference in Mexico later this year," he said.
Obama said India and the US are cooperating more closely than ever before against transnational threats.
"This includes making progress for the Afghan people, and preventing terrorism, whether it's in Manhattan or in Mumbai," he said.
"It includes securing vulnerable nuclear materials, a goal we advanced at our Nuclear Security Summit, where I thanked Prime Minister Singh for committing India to building a new Centre of Excellence for nuclear energy and security.
Our efforts include a stronger global non-proliferation regime where all nations live up to their obligations," he said.
The US and India are broadening partnerships between their people, especially in science, technology and global health.
"More students are taking advantage of our expanded Fulbright-Nehru programme. We're working to expand ties between our universities and community colleges. We're partnering on agriculture and research to reduce global hunger, and to share India's incredible progress with other countries," he said.
Another collision averted at Mumbai airport
MUMBAI: Barely a week after a near-miss, a mishap was averted at the Mumbai airport on Thursday night when a Kingfisher flight was cleared for landing at a runway where a Spicejet plane was stationed after a technical fault.
The Mumbai-Chennai Spicejet flight was to about to take off at around 11 pm but developed a technical problem at the last minute after which the Air Traffic Control asked it to abort the take-off, airport sources said.
But, at the same time, a Delhi-Mumbai Kingfisher Airlines aircraft was given permission for landing at the same runway.
However, just in time, the ATC asked the pilot of the Kingfisher plane to go around after which the flight landed.
The Kingfisher Airline spokesperson confirmed the incident and said that the pilot complied with the ATC instruction.
The flight, however, landed at Mumbai airport safely, he said.
"Shortly before the Kingfisher Airline flight IT318 was to land at Mumbai Airport, the ATC requested the captain of the flight to do a go around. The captain immediately complied with the ATC instruction and was revectored a fresh approach" the spokesperson said.
The aircraft which was operating from Delhi landed at Mumbai Airport shortly thereafter, he said.
On May 27, a major disaster was averted at the airport here as a Jet Airways plane was asked to abort landing at the last minute after an IndiGo aircraft entered the runway.
Death toll in Bangladesh fire rises to 108, over 100 injured
DHAKA: Rescuers called off the search for survivors on Friday as the death toll from one of Bangladesh's worst fires rose to 108 after flames ripped through a packed neighbourhood of Dhaka, officials said.
The blaze raged for three hours, destroying a row of multi-storey apartment buildings and trapping hundreds of residents in Dhaka's densely populated Kayettuli area, city police chief A.K.M Shahidul Haq told AFP.
"At least 108 people have died including those who expired in hospitals. The toll may rise as quite a few are in critical condition," district administrator Muhibul Haque said.
The blaze has been put out and a search-and-rescue effort halted after firefighters scoured "every inch of the fire-hit buildings", Dhaka fire department chief Abu Nayeem told AFP.
"A wedding party was on the roof of one building and we think this is why the number of casualties is so high," Nayeem said, adding that highly flammable stock, including chemicals, in a string of small shops had fuelled the blaze.
"At least 41 bodies have been pulled out from the wedding party building," he said.
One witness told AFP: "The bride was spared from the fire as she had been at the local beauty salon."
Hundreds of people were trapped in burning buildings for hours as rescue workers struggled to contain the blaze, their work hampered by the narrow lanes of the crowded residential area.
Nayeem said the fire had been caused by an electrical fault and took grip before firefighters could access the area.
"At the same time, cooking for the wedding feast was going on at the ground floor staircase of the wedding party building, which fuelled the flames," he added.
"People joining the wedding party were trapped in the building and suffocated or burnt as they could not come out because the cooking spread the fire through the staircase."
At least seven buildings were engulfed, Nayeem said.
"The temperature and fumes became unbearable because of the chemicals," he said, adding that a bakery with several large gas burners and a string of small shops selling cheap, flammable plastic goods had also caught fire.
"We struggled to get inside due to the narrow stairways of the very old buildings, it is almost impossible for us to get firefighting equipment into the area," he said.
All off-duty medical personnel were called in to Dhaka Medical College, whose hospital was overwhelmed by the rush of victims, said Shahidul Bari, a specialist at the burns unit.
He said 12 bodies had been received at the morgue soon after the fire began. Another 100 people had been admitted with severe burns and smoke inhalation.
"Our unit is full and more patients are pouring in. It's a disaster of huge proportions," Bari said.
"Patients are being treated in the corridors and still more are coming in. We are sending the most critically ill to the hospital's emergency units," he said.
Fires due to short-circuits, substandard wiring and electrical faults are common in Bangladesh, where building regulations are rarely enforced.
Pawar, Family hold 16% in IPL bidder
“I say with full conviction that my husband or my family has nothing to do with these issues (the IPL bids)...We always stay miles away from it. Yes, we are avid cricket watchers, my husband, my kids, my family, all, and that’s where the buck stops.” — Sharad Pawar’s daughter, Supriya Sule, April 20, 2010
“These (charges) are all a media creation. Explain the allegations to me and I will definitely reply... My conscience is clear” — Sharad Pawar to TOI on April 28, when asked if he was involved in one of the failed franchise bids
“There is no involvement of any member of the family of former BCCI president Sharad Pawar. The bid documents have been seen by the income-tax department’s officials.” — BCCI chief Shashank Manohar, April 26, 2010
Truth is, Sharad Pawar and his immediate family hold over 16% equity in one of the bidders for an IPL cricket team. Documents available with TOI show that the Pawars own 33.6 lakh shares (out of 2.07 crore shares) in City Corporation, a Pune-based construction company which bid Rs 1,176 crore for a franchise in March.
The Pawar family’s shares are held through two companies, Lap Finance and Consultancy Pvt Ltd and Namratta Film Enterprises Pvt Ltd, which are 100% owned by the NCP supremo and Union agriculture minister, his wife Pratibha and daughter Supriya Sule, also an MP.
When contacted by TOI, Sule said, “It is in his personal capacity that Mr (Anirudhha) Deshpande (MD of City Corp) bid. It had nothing to do with the company. The company board had passed a resolution saying it would have nothing to do with the bid. Nobody supported it. The board meeting was on March 17, and the resolution was probably passed on March 19.”
The second round of IPL bids ended on March 21, when the franchisees for Pune and Kochi were announced in Chennai. City Corp was eventually outgunned by Sahara’s Rs 1,702-crore winning offer.
When it was pointed out that despite the “board resolution”, the bid was in the name of City Corp, Sule said it was for Deshpande to explain. “After all, I am a minority stakeholder,” she added.
Deshpande acknowledged to TOI that the bid document was bought and submitted in the name of City Corp. But he claimed the "bid was done in my personal capacity". He said, "The tender was bought in the name of City Corp. Subsequently, the board did not agree to the bid, but permitted me to use the company’s name for bidding purposes."
If City Corp had won the bid it would have been executed by a "different consortium, comprising Akruti (a Mumbai construction firm), Maharashtra Cricket Association, etc," he said. So far, no state cricket association has bid for a team.
Asked about this, Deshpande promised to produce documentary proof to back his claims. TOI, which has been in touch with him over telephone since May 27, is yet to receive these documents. Apart from talking to him, mobile text messages were also sent to him.
Asked about the Pawar family connection with City Corp, Deshpande said he was not sure if they had any shares. “They are not involved. I am the managing director. There is no control,” he said.
Documents accessed from the ministry of corporate affairs’ database on May 30 reveal the Pawar family has a not-inconsiderable 16.22% in City Corp. Also, all shares in the company are in the name of just 10 persons/entities, including Deshpande and his wife Sona — and the Pawar-owned Lap Finance and Namratta. Of the 33.6 lakh shares the Pawars hold in City Corp, 25.6 lakh are through Lap and 8 lakh through Namratta.
Central agencies aware of Pawar’s IPL bid link
City Corp, the fifth bidder for the second round of IPL franchises, has so far succeeded in avoiding the spotlight, which has been focused on Sahara and Rendezvous, winners of the Pune and Kochi franchises respectively, and the two losers, the Dhoots of Videocon and the Adanis.
It is learnt that central investigation agencies are in possession of this evidence, which appears to undermine the assertion that the Pawars were in no way connected to the IPL.
The details of the Pawars’ complete control of Lap and Namratta are contained in the documents filed by the companies with the ministry of corporate affairs as of May 30, 2010. Also, Pawar, in his affidavit filed before the returning officer of Madha Lok Sabha constituency in Maharashtra in the 2009 elections, had declared his association with Lap and Namratta. The affidavit, filed on March 31, 2009, shows Pawar holding 1,000 equity shares and 150 preference shares of Lap, and 652 equity shares of Namratta. The affidavit also shows Pawar having a deposit of Rs 61 lakh with Lap.
In the same affidavit, Pawar’s wife Pratibha is shown holding 1,000 equity shares and 10,150 preference shares of Lap, and 1,100 equity and 8,425 preference shares of Namratta.
Through Lap and Namratta, the Pawar family also owns, in total, 25,29,375 preferential shares of City Corporation. This amounts to 16.32% of the total 155,00,000 preferential shares issued by the company.
In Lap Finance, Sharad Pawar, his wife and daughter have 100% voting rights, and own all the 3,000 equity shares issued by the company. Until mid-2006, Supriya Sule owned 2,980 of the 3,000 subscribed equities. According to filings by Lap, Sule on September 4, 2006, transferred 990 shares each to her father and mother. The 2008-09 annual return shows that the three now have 1,000 shares each of the total 3,000 shares.
In Namratta, Pawar, his wife and daughter together hold all the 2,000 equity shares of the company (Sharad Pawar — 652, Pratibha Pawar — 1,100, Supriya Sule - 248). Both Sharad Pawar and his wife are directors of the company. This information was found in the company’s filings with the ministry of corporate affairs, accessed by TOI between May 20 and 30.
Cong falls in line, okay with Mamata talk of 6 boards for it
Kolkata: With the civic poll results adding more bite to her bark, Trinamoool Congress leader Mamata Banerjee said on Thursday that her party was going to form boards in about 50 municipalities, leaving six to the Congress.
“We have won 27 bodies on our own and we hope we will be able to form boards in 50 civic bodies across the state. And while the Congress has got seven municipalities they will form boards in six. There is no hung board anywhere. This mandate is for the Trinamool Congress with people largely voting for a change,” Mamata said at her house.
With the new power equation in the state cemented by the civic results, the Congress said it would have no problem with the six Mamata intended to leave for the party. “We have bagged seven municipalities and there are eight others where the Congress can form boards with the help of the Trinamool. However things can be settled through talks. We appreciate the gesture showed by Mamata Banerjee who has led the movement against the CPM,” Congress Legislature Party leader Manas Bhuiyan said.
In another hint to the Congress, Mamata said forging an alliance wasn’t really high on her agenda. “It’s not the alliance that is the most important. What is important is that people wanted a change and voted for us. In 2005 elections we had only five municipalities and the Left Front got 60. See where the Left has come down to. This has been done not by an alliance but by people,” the Trinamool leader said.
Business News
On track for 8% growth
It’s hard to be pessimistic when things seem to be going so well. Headlines like “Iceberg ahead?”, of course in the global context may be justified but it’s not easy to be bearish about India. Comparisons beween May 2010 when foreign investors pulled out $2 billion and September 2008 when they sold around $1.8 billion worth of Indian stock, seem a little far-fetched.
Problems in the Eurozone are for real but the direct impact of a European slowdown, as BoA Merrill Lynch points out is 30 basis points of growth. The economy is clearly back on the rails, never mind that private consumption may have grown a disappointing 2.6%, the lowest since June 2002; brisk car and two wheeler sales are evidence that demand is robust. Moreover, the uptick in investments, at 17.7% in the three months to March 2010, has been beyond expectations and evidence that the infrastructure build-out is happening. So the country’s on track for an 8% kind of growth in the next few years. While the growth in non-food credit at just under 19% comes off a low base, banks’ loan books are growing. So even if interest rates rise by about 100 basis points, which seems unlikely now, it shouldn’t really upset the corporate applecart. With demand strong, it’s possible that core inflation could remain above the central bank’s comfort levels. However, the good news is that it could also taper off thanks to the drop in prices of commodities as also in those of agricultural goods. Should that happen, interest rates are unlikely to rise as fast and by as much as they were expected to. Also, most global economies will now delay their rate hikes.
According to Morgan Stanley, recent global uncertainties have made it likely that major econmies will continue providing “XXL liquidity”. Their act of keeping monetray policy ultra-loose will make it more difficult for other nations to hike interest rates and tighten their own monetary policy even if those other nations’ economies argue for tightening. When recovery in the major economies seemed on track as many as 13 central banks were expected to raise rates in the third quarter of 2010;that number has now fallen to six. Which means interest rate hikes can’t be expected from any of the major developed economies till 2011.
In India bond yields have been flat after the government mopped up about Rs 60,000 crore from the auction of 3G licences; the government’s finances will also be under a lot less pressure if crude oil prices stay benign and it may end up borrowing less than the Rs 3.4 lakh crore that it intended to leaving more money for the private sector to use. That’s important because capital is scarce and India needs about $50 billion dollars of capital every year to fund growth.While FDI flows are likely to be stable, there’s concern that FII flows may taper off as risk aversion rises across the globe and fund managers take money off the table.
It’s possible the US markets could come off by another 15-20% and if that happens there’s no way the emerging markets will go unscathed. But the strong growth story---earnings should grow at 20-25% this year-- will ensure that India continues to be a relative outperfomer even if it is more expensive than its peers.
Petrol, diesel may go dearer by Rs 3.50
New Delhi: The Government may, from next week, find it easier to decontrol petrol and diesel prices as softening global rates would require fuel costs to be raised by just Rs 3.50 a litre for the purpose.
An Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, is scheduled to meet on June 7 to consider a Kirit Parikh Committee report that calls for the freeing of petrol and diesel prices from governmental control, besides steep hikes in LPG and kerosene rates to cut fuel subsidy.
"Earlier, there were doubts if the government would actually free auto fuel prices -- particularly that of diesel -- as the hike required to make them at par with international rates was over Rs 6 per litre. But the fall in global oil prices has made the task easier," an Oil Ministry official said.
The EGoM will have to raise the price of petrol by Rs 3.35 per litre and that of diesel by Rs 3.49 a litre to free them from government control.
Petrol in Delhi currently costs Rs 47.93 a litre, while diesel is priced at Rs 38.10.
International crude oil prices have shaved off over USD 10 per barrel to bring them down to USD 72-74 a barrel.
"The hike needed to free auto fuel prices till last week was Rs 6.07 a litre in petrol and Rs 6.38 a litre in diesel.
Raising prices, particularly that of diesel by such an amount in one go, was considered politically difficult," he said.
"Things have, however, changed now," the offical added.
The revenue loss that state-owned Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum incurred on fuel sales came down to Rs 203 crore per day, from Rs 255 crore a day till last week.
They currently sell petrol at a loss of Rs 3.35 a litre, while that for diesel is Rs 3.49, Rs 18.82 for PDS kerosene and Rs 261.90 for every 14.2-kg LPG cylinder.
The official said the EGoM may not agree with the Parikh committee's recommendation of raising the kerosene price by Rs 6 per litre and LPG rates by Rs 100 per cylinder. "To my mind, a Rs 20-25 per cylinder increase in LPG price may be approved," he added.
Besides Mukherjee, the EGoM on fuel prices also includes Oil Minister Murli Deora, Agriculture Minister Sharad Pawar, Chemical and Fertiliser Minister M K Alagiri, Railway Minister Mamata Banerjee, Road Transport Minister Kamal Nath and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
State retailers are projected to lose Rs 72,300 crore in revenue this fiscal if fuel prices do not change.
According to the terms of reference (ToR), the EGoM is to consider a pricing policy for petrol and diesel, including decontrol, he said, adding that it also has to decide on ways to bridge the deficit between the imported rate and retail price of LPG and kerosene.
All-round buying pushes Sensex up 280 pts
Mumbai: The BSE benchmark Sensex today spurted by 280 points to regain the 17,000-level on good buying support which, analysts said, are likely to continue for a few more sessions on the back of firming global stocks.
Rising for the second day in succession, the Bombay Stock Exchange's 30-share index ended 1.68 per cent up or 280.49 points at 17,022.33. The last time the Sensex closed above the 17,000 mark was on May 13.
The National Stock Exchange's 50-share Nifty closed up 1.81 per cent at 5,110.5.
Hectic buying was seen across sectors. Banking, technology, oil and gas and IT stocks particularly gained.
"The market was oversold in past month on worries of euro zone debt crisis and the rise was due. In coming sessions also, we may see upside trend as globally markets are rebounding," CNI Research CMD Kishore P Ostwal said. Anil Ambani Group firm RCOM, which surged 11 per cent yesterday amid reports of stake sale by the company, maintained its winning streak with 6.3 per gain, the best among sensex stocks today.
The scrip has gained 18 per cent in just two sessions amid reports that UAE based Etisalat is interested in the firm for a possible stake buy.
Reliance Industries, which carries the maximum weight in benchmark indeices, jumped 1.90 per cent.
Investors ignored a rise a rise in country's food price index. Food inflation for the week ended May 22 rose to 16.55 per cent.
Among banking stocks, HDFC Bank rose 2.76 per cent, SBI 1.22 per cent, ICICI Bank 1.14 per cent and HDFC 0.88 per cent.
Sports News
Openers' poor form a worry for the team: Raina
Harare: Indian skipper Suresh Raina on Thursday blamed the batsmen in general and the openers in particular for the team's back-to-back defeat against Zimbabwe in the ongoing tri-series here.
"We didn't bat well. We are not getting good partnerships from the openers. They didn't get runs in last two games. Over all we did not bat well," a disappointed Raina said after the match.
"We should have probably scored 260-270. We have to learn from our mistakes and perform well in the next game. Zimbabwe bowled really well," he added.
After thrashing India in the tournament-opener by six wickets, Zimbabwe crushed the visitors yet again on Thursday as they chased down a paltry target of 195 with 11.4 overs to spare at the Harare Sports club.
This defeat have jeopardised India's chances to reach the final of the tri-series. The visitors will face Sri Lanka in a do-or-die battle on Saturday.
"It is an important game for us. Sri Lanka have a very good side and we will have to play really good cricket. Let's hope we play well," Raina said.
His Zimbabwean counterpart Elton Chigumbura attributed the victory to the splendid bowling spell of Andy Blignaut and the opening partnership of Hamilton Masakadza and Brendon Taylor who forged 128 runs in 26.3 overs.
"It's a good comeback after the last game. Our bowlers bowled well, especially (Andy) Blignaut. His 10 overs for around 22 runs was outstanding. All the rest of the bowlers also bowled well," Chigumbura said.
"We wanted the openers to give us a good start and they did. The opening partnership set the foundation and after that it was going to be easy to go after the bonus point," he added.
Notching up his second successive Man of the Match award against India, opener Brendon Taylor said while he was happy with his effort, consistency remains a problem for him.
"I am very happy with this performance after our dismal effort against Sri Lanka. Batting with Hamilton, I am always relaxed. He is a powerful hitter. For some reason I was ahead of him today. Consistency has been my biggest problem. If I can get another good knock, I would be happy," he said.
No money in Asian Games, so BCCI is not interested: Kalmadi
New Delhi:Indian Olympic Association (IOA) President Suresh Kalmadi today slammed the BCCI for not sending teams to the Asian Games in China, saying the Cricket Board is not interested because the multi-sport event offers no money.
"It has become commercial...cricket has become very commercial. (In Olympic and Asian Games) There are only medals, no money. So, I don't think anybody from cricket world will be interested in taking part," Kalmadi told reporters here.
He was reacting to BCCI's decision not to send cricket teams -- both men's and women's -- to the Asian Games to be held in the Chinese city of Guangzhou between November 12 and 27.
BCCI cited international commitments to stay away from the Games where cricket is making its debut in Twenty20 format.
Kalmadi said he was never keen on cricket being part of Olympic sports because "then Olympic sports get hurt".
"They (BCCI) had done it in Malaysia Commonwealth Games also. They sent a second string team there. So I was never keen and I did not put cricket into Commonwealth Games. I knew they won't make it, they will back out at the last minute.
They said they would come to Asian Games, but they backed out.
I knew this," he said.
Kalmadi was referring to the 1998 Commonwealth Games in Kuala Lumpur where India sent a second-string squad, while most of the frontline cricketers played against Pakistan in Canada.
Kallis, Duminy lead Proteas to cleansweep of Windies
Port of Spain: Half-centuries from Jacques Kallis and JP Duminy helped South Africa complete a clean sweep of their One-day International series with West Indies, when they won the fifth and final match by one wicket in Port of Spain.
Thursday's result meant that South Africa have now swept West Indies 5-0 in each of their last three bilateral ODI series.
Kallis, the Man-of-the-Match, hit five boundaries in the top score of 57 at better than a run-a-ball, and Duminy struck just one four in 51 from 75 deliveries, as the South Africans, in pursuit of 253 for victory, reached their target with just two balls to spare on a slow Queen's Park Oval pitch.
Lonwabo Tsotsobe carried the Proteas over the threshold, when he slapped a wide delivery from Kieron Pollard through cover for four.
"It's terrific to have achieved this result, and bounce back from the failure at the Twenty20 World Cup," said South African captain Graeme Smith.
"It was an important time for us as a group of people, and it was important for us to regain the faith of a lot of the public back home.
"I think a lot of the fans back home in South Africa support us through thick and thin, so it is nice to give them all something about which to feel good."
Like last Sunday, the Proteas ran into late trouble, when Charl Langeveldt was caught behind for six off the last ball of the penultimate over to leave the visitors needing eight from the final over.
But Roelof van der Merwe swung the first ball of the final over from Pollard over square leg for four to ease South Africa's tension before Tsotsobe won it for them three balls later.
"The last few games have been too close for comfort," said Smith. "We have chased on some pretty flat pitches, and West Indies have controlled the games at different times, and we have lost wickets at crucial times.
"But we have held our nerve. Winning is a habit, and when you get into tight games, and you are used to winning, you are able to limp over the line."
West Indies skipper Chris Gayle admitted that his side were in a bit of a rut.
"We seen to be in a bad habit of losing, and when it comes down to these tight situations in matches, we do not know how to handle ourselves," said Gayle.
"All in all, credit must go to South Africa. They played well. We were beaten fair and square. We had our chances, but we did not make use of them.
"It's been tough losing this much. The good thing is we have a few days off to put this behind us, and hopefully, we can get a fresh start in the (forthcoming) Test series."
South Africa had bowled with discipline to restrict West Indies, but Shivnarine Chanderpaul hit the top score of 67 from 104 balls, and Narsingh Deonarine helped himself to a run-a-ball 53 to lead the Windies to 252 for six from their 50 overs.
The visitors then started their chase steadily, but Smith was caught behind of Dwayne Bravo for 12 in the ninth over.
The South Africans then stumbled, when Hashim Amla, who earned the Man-of-the-Series award for his 402 runs, which made him the most prolific batsman in the series, was run out for 45 in the 14th over, and AB de Villiers was caught at deep mid-on of Gayle in the 19th over.
Kallis and Duminy put the Proteas back on course for victory with a stand of 58, but Kallis was dubiously caught behind off Gayle in the 36th over, and Mark Boucher was caught at short third man off Pollard to leave the visitors needing 78 from the last 84 balls.
South Africa lost their way inside the last 10 overs, when four wickets fell for 35 runs from 34 balls, but their last wicket pair held steady.
The two sides now prepare for a series of three Tests, with matches in Trinidad (June 10-14), St. Kitts (June 18-22), and Barbados (June 26-30).
The South Africans start a two-day tour match on Saturday against Trinidad & Tobago at the Frank Worrell ground on the St. Augustine campus of the University of the West Indies.
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